XML 27 R12.htm IDEA: XBRL DOCUMENT v3.22.4
Real Estate Facilities
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
Real Estate Facilities Real Estate Facilities
Activity in real estate facilities during 2022, 2021, and 2020 is as follows:
For the Years Ended December 31,
 202220212020
 (Amounts in thousands)
Operating facilities, at cost:
Beginning balance $22,807,833 $17,372,627 $16,289,146 
Capital expenditures to maintain real estate facilities452,316 284,200 163,834 
Acquisitions 733,442 4,940,413 781,219 
Dispositions(1,704)(7,408)(303)
Developed or expanded facilities opened for operation227,239 218,001 138,731 
Ending balance 24,219,126 22,807,833 17,372,627 
Accumulated depreciation:
Beginning balance (7,773,308)(7,152,135)(6,623,475)
Depreciation expense (781,931)(625,968)(528,660)
Dispositions1,084 4,795 — 
Ending balance (8,554,155)(7,773,308)(7,152,135)
Construction in process:
Beginning balance 272,471 188,079 141,934 
Costs incurred to develop and expand real estate facilities336,948 302,393 188,102 
Write-off of cancelled projects and transfer to other assets(9,188)— (3,226)
Developed or expanded facilities opened for operation(227,239)(218,001)(138,731)
Ending balance 372,992 272,471 188,079 
Total real estate facilities at December 31,
$16,037,963 $15,306,996 $10,408,571 
During 2022, we acquired 74 self-storage facilities (4.7 million net rentable square feet of storage space), for a total cost of $730.5 million, consisting of $710.6 million in cash and $19.9 million in partnership units in one of our subsidiaries. Approximately $24.1 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $227.2 million during 2022, adding 1.4 million net rentable square feet of self-storage space. Construction in process at December 31, 2022 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2022, we wrote off $7.0 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as general and administrative expense. We also transferred $2.2 million of land cost related to a cancelled development project to other assets at December 31, 2022.
Additionally, on July 8, 2022, we acquired from PSB the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million. We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB. We recognized the remaining $19.6 million as an increase to our basis in our equity investment in PSB, which represents the elimination of our portion of the gain recorded by PSB.
During 2022, we sold portions of real estate facilities in connection with eminent domain proceedings for $1.5 million in cash proceeds and recorded a related gain on sale of real estate of approximately $1.5 million.
During 2021, we acquired 232 self-storage facilities (21,830,000 net rentable square feet of storage space), for a total cost of $5.1 billion, consisting of $5.0 billion in cash and $68.2 million in partnership units in one of our subsidiaries. Approximately $174.9 million of the total cost was allocated to intangible assets. We completed
development and redevelopment activities costing $218.0 million during 2021, adding 1.6 million net rentable square feet of self-storage space. During 2021, we sold portions of real estate facilities in connection with eminent domain proceedings for $16.3 million in cash proceeds and recorded a related gain on sale of real estate of approximately $13.7 million.
During 2020, we acquired 62 self-storage facilities (5.1 million net rentable square feet of storage space), for a total cost of $792.3 million, which includes the assumption of a $3.8 million liability. Approximately $14.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $138.7 million during 2020, adding 1.1 million net rentable square feet of self-storage space. Included in general and administrative expense in 2020 is $3.2 million in development projects that were cancelled.
At December 31, 2022, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $16.5 billion (unaudited).